Boeing’s Chief Financial Officer is being replaced by a former CFO at Lockheed Martin, the first major departure in top executive ranks since CEO Kelly Ortberg took the helm of the troubled company in August 2024.
Boeing in a press release Monday didn’t explain the reason why Jesus ‘Jay’ Malave was becoming the planemaker’s new CFO and replacing Brian West, who will remain in an advisory role.
West had been appointed by Ortberg’s predecessor, David Calhoun, in 2021.
West led efforts to restore Boeing’s reserves, including raising $24 billion in an equity sale last year. Boeing has not made an annual profit since 2018.
The company’s deliveries slipped to a trickle after restrictions were placed on Boeing by federal regulators on the number of planes it could produce after a series of crashes of its 737 MAX-8 model and the door plug falling off another model of the aircraft mid-fight, creating a large hole in the side of the plane.
A 54-day strike by Boeing machinists in the fall of 2024 added to the company’s troubles.
“Jay will become CFO at an important time in helping build Boeing’s next chapter as we continue to make progress on our recovery and implement fundamental changes rooted in safety and quality,” said Ortberg in a statement. “He is a well-respected financial and business leader, and brings decades of experience developing people and teams across complex aerospace and manufacturing businesses.”
Malave exited defense contractor Lockheed Martin in April. He had also held senior finance roles at L3Harris Technologies and United Technologies.
The changes are effective August 15.
Randy Diamond: 425-339-3097; randy.diamond@heraldnet.com.
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